Former US President Donald Trump is gaining widespread popularity ahead of the November election, primarily driven by his pro-crypto stance. Trump’s political action committee (PAC), known as the Trump PAC, has received significant financial backing from the crypto community in Q3. According to a CNBC report today, the campaign has raised $7.5 million in crypto contributions spanning Bitcoin, Ether, XRP, Tether, and USDC.
Trump’s recent endorsement of crypto, in contrast to his previous skeptical stance, has grabbed the community’s attention in the presidential election. Though Trump previously criticized crypto as a ‘scam,’ he became the first US President to accept crypto donations in election campaigns. He publically announced his optimistic approach to crypto and expressed his ambition for the U.S. to become the “crypto capital of the planet.”
Trump Odds & MicroStrategy’s Bitcoin Spree Boost BTC PriceExperts and analysts remain bullish about the crypto industry under Trump’s presidency. His Bitcoin reserve strategy and promise of appointing a crypto-friendly SEC chair have further boosted confidence. Over the past few weeks, Trump has shown increased election odds on Polymarket, a prediction market platform. The latest data on Polymarket reveals Trump’s commanding lead over VP Kamala Harris. Currently, Trump’s odds stand at 60%, while Harris trails behind at 39%. Analysts like Ash Crypto consider this a positive sign for the potential growth of Bitcoin.
🚨 BREAKING 🚨
— Ash Crypto (@Ashcryptoreal) October 15, 2024
TRUMP IS NOW LEADING BY 16.5% TO
WIN THE US PRESIDENTIAL ELECTION.
BITCOIN WILL EXPLODE 🔥 pic.twitter.com/kbsZgXylOU
Crypto donations to the Trump PAC were led by major crypto platforms like Ripple and Coinbase and the venture capital firm Andreessen Horowitz. These platforms’ campaign donations were thirteen times higher than their investments during the previous election.
It is significant to note that Bitcoin and Ether secured the top position in the Trump PAC crypto donations. While at least 18 donors contributed over $5.5 million in BTC, seven individuals funded with about $1.5 million in ETH.
